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Commissioner Strommen stated she also supported Strategy 3, solicit proposals for all or large pieces of The COR to sell to a developer; however at this time, preferred Strategy 1, continue as is, until the Development Manager is on staff. She stated she would also be interested in pursuing a residential /retail /commercial developer round table to get a better understanding of what the market is doing. Commissioner Riley stated he likes Strategy 1, continue as is, until it is known what will happen with funding for the Armstrong interchange because it will impact development interest and values. He stated he is troubled that the HRA does not know its rules to sell land. Commissioner Kuzma stated he would also like to know the timeline for interchange funding. Commissioner Tossey stated there will be an answer on funding in about one month, at the end of the Legislative session. Chairperson Backous stated he thinks the HRA does not have enough information to make a decision so he supports Strategy 1, continue as is, to allow time to obtain more information from the Economic Developer, about TIF, and land sale restrictions. Commissioner Tossey stated he would prefer tabling this consideration until the Armstrong interchange funding has been determined. Commissioner Strommen suggested, rather than Strategy 1, continue as is, to direct staff to gather the additional information requested for a future discussion. Commissioner LeTourneau agreed and also supported reaching out to the development community to start that conversation, expose The COR to them, and ask for their comment on what makes the most sense for this property. He stated another option is to form a task force of people interested in this topic. Chairperson Backous supported scheduling a development round table and setting staff in motion as suggested by Commissioner Strommen. EDA Executive Director Ulrich suggested postponing consideration for 60 days because the Economic Development Director will be on board by then and an answer on State funding will have been received. The consensus of the EDA was to support the suggestion of EDA Executive Director Ulrich and postpone consideration for 60 days. 5.03: Develop Offer to Purchase Property at 6710 Highway 10 NW in Ramsey (Portions may be closed to the public) HRA Executive Director Ulrich reported the City has been asked if it is interested in purchasing property at 6710 Highway 10 NW, currently listed with Premier Properties. The property is currently the site of an adult bookstore and listed for sale at $375,000. It was noted this property Housing and Redevelopment Authority / April 23, 2013 Page 3 of 5